ECONOMY
Iraq's Oil Ministry announced reduced production but higher revenues in July. File photo: Haidar Mohammed Ali/AFP
ERBIL, Kurdistan Region – Iraq continued to cut its oil exports in July, in compliance with an OPEC+ agreement, but brought in more revenues thanks to higher prices.
In July, Iraq exported an average of 2.763 million barrels per day (bpd), bringing in $3.487 billion in revenue, the Oil Ministry announced Saturday. The average price per barrel was $40.708.
“Despite the reduction in production and export in compliance with the OPEC+ agreement, financial revenues increased compared to previous months,” said ministry spokesperson Assem Jihad.
July exports included an average of 8,000 bpd to Jordan, resuming the trade as prices rebounded. Oil prices of less than $20 per barrel made it too costly for more than 200 oil tankers transporting crude from Kirkuk to Jordan.
Oil producers of OPEC and allies have been cutting production since May by 10 percent of global supply after the COVID-19 virus slashed demand. OPEC+ agreed to ease the measure from August as the global economy shows signs of recovery.
Iraq was slow to comply with the production cuts. Oil Minister Ihsan Abdul Jabbar Ismail said it would be in full compliance by August and would compensate for overproduction in May and June.
In June, Iraq exported 2.816 million bpd, bringing in $2.861 billion. In May, Iraq exported 3.212 million bpd with revenues of $2.91 billion. In April, Iraq exported 3.438 million bpd, but with a price of $13.801 per barrel, revenues were just $1.423 billion.
In July, Iraq exported an average of 2.763 million barrels per day (bpd), bringing in $3.487 billion in revenue, the Oil Ministry announced Saturday. The average price per barrel was $40.708.
“Despite the reduction in production and export in compliance with the OPEC+ agreement, financial revenues increased compared to previous months,” said ministry spokesperson Assem Jihad.
July exports included an average of 8,000 bpd to Jordan, resuming the trade as prices rebounded. Oil prices of less than $20 per barrel made it too costly for more than 200 oil tankers transporting crude from Kirkuk to Jordan.
Oil producers of OPEC and allies have been cutting production since May by 10 percent of global supply after the COVID-19 virus slashed demand. OPEC+ agreed to ease the measure from August as the global economy shows signs of recovery.
Iraq was slow to comply with the production cuts. Oil Minister Ihsan Abdul Jabbar Ismail said it would be in full compliance by August and would compensate for overproduction in May and June.
In June, Iraq exported 2.816 million bpd, bringing in $2.861 billion. In May, Iraq exported 3.212 million bpd with revenues of $2.91 billion. In April, Iraq exported 3.438 million bpd, but with a price of $13.801 per barrel, revenues were just $1.423 billion.
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